The Tre Ver Condo had a grand opening to its launch last Saturday as it sold 140 out of 200 units or 70% that were released in the first three hours.
Woha Architects have designed the 99-year leasehold condo located at Potong Pasir. It has been developed by UVD (Projects) which is a joint venture between United Industrial Corporation (UIC) and UOL Group where both have equal stakes.
UOL’s Senior General Manager for Asset Management and Marketing, Jesline Goh was upbeat with the success of the launch and said that compared to other Phase 1 launches the sale figures were stronger.
UOL is one of the most respected developers and is the name behind projects such as Principal Garden, Botanique at Bartley and Thomson Three.
She added that the buyers were attracted towards the new launch project based on its realistic pricing and the value they saw in it.
As per information available the Phase 1 launch at The Tre Ver clocked an average price between S$1,550 and S$1,600 per square foot.
The prices for units at The Tre Ver start at around S$738,000 for single-bedroom units while it starts at S$898,000 for two-bedroom. The three bedroom units will cost more than S$1.54 million and four bedroom units S$2.08 million.
Ms Goh stated that majority buyers in the 1st Phase were Singaporeans and also first-time buyers.
Encouraged by the response she said that the Phase 2 of the project is also being release immediately where the owners will enjoy the beauty of the river along with host of other amenities.
The second phase that was launched on Sunday however the average price and the take-up rates for the second phase are yet to be announced.
The Tre Ver is expected to be completed by August 2022. The site faces the Kallang River and is merely 10-minute walk from the Potong Pasir MRT Station.
The new condominium has come upon the site of former HUDC estate Raintree Gardens. It may be recalled that the same was picked up by UVD (Projects) in an en bloc sale for S$334.2 million in October 2016.
The redevelopment has three towering blocks 20-storey in height, two 19-storey towers and four 8-storey towers where seven levels are for residential units and one for facilities deck.
There is lot on offer for the buyers including 2-storey car park apart from the basement car park, outdoor spas and a 50m lap pool.
Nicholas Mak, Executive Director at ZACD Group said that The Tre Ver’s launch results were good and they met the expectations. He added that the new launch condo enjoys price advantage over other developments coming up in Bidadari Area.
He cited the instance of Park Colonial which sold for average price of S$1,730 psf when it was launched in early July.
Citing the advantages of The Tre Ver Mr Mak said that river frontage is a major crowd puller along with the fact that MRT Station is in close proximity and at the same time the residents won’t be troubled by excessive noise pollution from Upper Serangoon Road.
He finished by saying that this new launch has made the market in Bidadari interesting as new projects are expected to launch soon including The Woodleigh Residences.
The 680-apartment unit site is a mixed residential and retail development and has Japan’s Kajima Development partnering with Singapore Press Holdings and the work kicked off in the month of March.
There is some positive from the en bloc sales market. Raintree Gardens located in Potong Pasir was sold successfully for $334.2 million. It was encouraging to see that the tender received more than five bids from the developers.
As per the deal the present owners in this 175-apartment unit HUDC estate are expected to pocket $1.9 million each which is almost 90% premium over the price of the unit last sold earlier this year(2016) which went for $1.1 million.
This is interestingly the third en bloc sale in 2016 after the market had witnessed stagnation for the last couple of years. Earlier Shunfu Ville had garnered a whopping $638 million in May and Harbour View Gardens a 14-unit development had sold for $33.25 million in August.
JLL were the marketing agents for Raintree Gardens sale and it was met with success. During the tendering process the site was listed with $315 million reserve price.
The Collective Sales Committee was overwhelmed with the sale and ERA’s Associate Director Mr Aaron Wan who is also a member of the CSC said that it was exciting to see multiple bids.
He said that making $1.9 million for the apartment was the sweetest thing and his parents had bought this was for $600,000 in the later part of 90s. For Raintree Gardens it was a smooth affair as it sold in first en bloc sale attempt. The estate had been privatised in July of 2014.
According to insiders the top three bidders put in fierce bids with none of them willing to let the property go.
In the end there was a thin margin of 1% separating the top three. UVD (Projects) which is a joint venture between United Industrial Corporation and UOL Group won the bid and compared to the other two it was more accommodative of the sellers’ interests.
Deputy Group Chief Executive at UOL, Mr Liam Wee Sin was excited winning the bid and said that this was a part of group’s strategy of increasing its land bank. He expected demand for properties at this location as Bidadari was a high-demand area.
As per plans UVD would redevelop the site into 2.8 plot ratio, 201,405 sq ft estate comprising of 750 units. Under such terms it paid $797 psf ppr which also includes the premium paid for topping up the lease to 99 years.
R’ST Research Director Mr Ong Kah Seng wasn’t surprised with the fierce bidding for this side and said that developers are short on land bank and would not mind paying a fair price.
He added that Potong Pasir Area looks attractive as many new developments are coming up along with retail chains. According to him though the price was a little high it wasn’t unrealistic.
En bloc sales are making a big comeback and developers are likely to look for sites in the city fringes.
In 2015 it was just Orchard Road’s Thong Sia Building that sold en bloc for $380 million while there were no en bloc sales in 2014.
Head of Research at CBRE Mr Desmond Sim said that people will be encouraged towards forming Collective Sales Committees with these recent deals, however he sounded a word of caution saying that not every estate can expect to succeed as it is dependent on realistic pricing by the sellers and also the location of the property.
The Government’s move to release more land can dent en bloc sale prospects as many developers are seen preferring government land over en bloc sales.